CANBERA (dpa-AFX) - Weir Group PLC (WEIR.L) confirmed that it will make no further offer and has withdrawn from bidding for Ludowici Ltd. (LDW.AX).
Weir noted the decision by the Review Panel of the Australian Takeovers Panel to uphold the declaration and orders of the Initial Panel. The Panel found FLSmidth & Co. A/S caused 'unacceptable circumstances' by failing to immediately correct the statements in an article published on Reuters, on January 23, 2012 relating to its initial A$7.20 per share proposal for Ludowici.
Although the Panel made orders requiring FLS to compensate shareholders who could establish they suffered loss as a result of the statements, the Panel declined to make orders holding FLS to these statements.
Following this decision, Weir's binding offer to Ludowici to acquire all of the shares in Ludowici, as outlined in Weir's press release dated March 1, 2012, lapsed.
Copyright RTT News/dpa-AFX
© 2012 AFX News
